Change in constitution of the firm::
Court :
HC
Brief :
Held by the Hon'ble court that the firm dissolved and reconstituted was merely a change in constitution of the firm u/s 187 and not a case of succession u/s188. Hence,only one assessment had to be made.
Citation :
C.I.T. Vs. Hindustan Motors Finance Co.
Change in constitution of the firm
C.I.T. Vs. Hindustan Motors Finance Co. 21/09/2004
(2005) 276 ITR 382 (All)
Case Fact: Whether separate assessments have to be made by the I.T.O on the two returns filed by the firm which was dissloved and reconstitued.
Decision: Held by the Hon'ble court that the firm dissolved and reconstituted was merely a change in constitution of the firm u/s 187 and not a case of succession u/s188. Hence,only one assessment had to be made.
CA.Saibaburao Nanduri
Published in Income Tax
Views : 88
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